Macao's foreign reserve soars to 4.35 bln US dollars

The Macao Monetary Authority said on Wednesday that Macao's official foreign reserve soared to 4.35 billion US dollars in May.

The reserve increased 20 percent from April to May, an amount equivalent to 13.9 times of the circulating currency, or 11.6 months of imports of goods and service trade in 2003.

The Monetary Authority said that the net foreign assets of the Macao SAR government increased 8.9 percent year-on-year to 5.4 billion US dollars in May.

Macao's economy has jumped on a fast track since the second half of last year. It achieved the highest quarterly growth rate in the second quarter this year, 50 percent, boosted by the open-up of the gaming industry, which is the biggest contributor to the SAR government's fiscal income.

Source: Xinhua